was founded in late 2013 with the principal support of Riverstone Holdings LLC. In March 2014, LRII closed on the acquisition of approximately 53,000 net acres in the Williston Basin. Subsequently, the Company completed a series of purchases, trade, and sales to build a focused position of over 83,000 net acres with over 72 operated or controlled 1280 or 1920-acre Drill Spacing Units (DSUs) and over 300 premium locations around the Nesson Anticline in Williams, Mountrail, and Burke Counties.

drilling and completing over 120 wells across the Williston Basin. Additionally, the Company pioneered development of 3-mile laterals in the basin, while also testing Enhanced Oil Recovery (EOR) projects, demonstrating the focus on continuous technological advancement. Prior to the divestiture of the Bakken assets in March 2024 to Silver Hill Energy Partners, the Company’s North Dakota production grew to ~20,000 boe/d.

the Company realized that additional production growth was constrained due to the lack of midstream capacity in the basin. As a solution, the Company formed Liberty Midstream Solutions (LMS) in 2015 to provide gas gathering / processing and water handling services to LRII’s upstream assets and alleviate development constraints.

LMS commissioned the County Line Gas Plant, a 30 mmcf/d gas processing plant. Additionally, the Company developed over 90 miles of gas and water gathering infrastructure and 4 saltwater disposal wells with a capacity of 60,000 bbl/d to support its own upstream development and handle third-party volumes.

In June 2015, LRII purchased approximately 19,000 net acres in the deep oily section of the Powder River Basin (PRB), focusing on the Frontier / Turner, Niobrara, Shannon, and Mowry formations. The Company drilled and completed 3 operated wells in the Frontier formation, built an inventory of over 300 drilling permits and established operations across 40 operated 1280 DSUs. In August 2018, LRII sold the PRB assets to concentrate its focus on North Dakota development.

entered the Bakken in September 2010 with an initial acquisition of approximately 10,000 net acres. Over the next 15 months, the Company assembled approximately 44,000 net acres through 13 separate transactions. After completing an internal completion and production database to benchmark well designs and completion evolution, LRI began development in November 2011. The Company eventually ramped development to a 2-rig program, drilling 35 wells and completing 31 wells over the next 18 months, while also completing 55 wells for Zavanna. Over a 3-year period, net production grew from zero to ~6,000 boe/d, establishing LRI as the #1 Bakken operator in the Central Basin as measured by NDIC production per well. In July 2013, the Company sold the Bakken assets to Kodiak Oil & Gas.

when none of the existing Bakken pumping companies would provide LRI a frac date, the Company founded Liberty Oilfield Services. For the next year, the Company solely worked on LRI completions before expanding pumping services to a total of 6 frac fleets across the Rockies. In January 2018, Liberty Oilfield Services closed an initial public offering, listing on the New York Stock Exchange (NYSE) under the ticker symbol “LBRT.”